Cap. 514 Art. 52CDisclosure of confidential information in relation to occupational retirement schemes.

(1) Notwithstanding the provisions of articles 52(1),

52(2), 52A and 52D(1), the competent authority may exchange information with other departments of central government administration responsible for the enforcement of legislation on the supervision of occupational retirement schemes, credit institutions, financial institutions, investment services and insurance undertakings, or inspectors acting on behalf of those departments, provided that:

(a) such disclosures shall be made only where necessary for reasons of prudential control and prevention and resolution of failing occupational retirement schemes; and

(b) without prejudice to sub-article (3), persons having access to such information shall be subject to the duty of professional secrecy.

(2) Any information obtained by means of an on-site verification may be disclosed to the departments referred to in sub-article (1), only with the express consent of the competent authority from which the information originated from, or the overseas regulatory authority of the country in which the on-site verification was carried out.

(3) The competent authority may disclose confidential information relating to the prudential supervision of an occupational retirement scheme to national parliamentary enquiry committees or national courts of auditors and other national entities in charge of enquiries, where all the following conditions are satisfied:

(a) the entities have competence under national law to investigate or scrutinise the actions of authorities responsible for the supervision of occupational retirement schemes or for laws on such supervision;

(b) the information is strictly necessary for satisfying the competence referred to in paragraph (a);

(c) the persons with access to the information are subject to the duty of professional secrecy requirements;

(d) if the information originates from another Member State, that information is disclosed with the explicit